NEW ISSUE—FULL BOOK-ENTRY RATING: S&P: “AAA” STATE OF CALIFORNIA COUNTY OF ORANGE In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California (“Bond Counsel”), under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the 2020 Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals. In the further opinion of Bond Counsel, interest (and original issue discount) on the 2020 Bonds is exempt from State of California personal income tax. See “LEGAL MATTERS— Tax Matters” herein. $16,330,000 LAGUNA BEACH UNIFIED SCHOOL DISTRICT (ORANGE COUNTY, CALIFORNIA) 2020 GENERAL OBLIGATION REFUNDING BONDS Dated: Date of Delivery Due: As shown on the following page This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Capitalized terms used on this cover page not otherwise defined shall have the meanings set forth herein. The $16,330,000 Laguna Beach Unified School District (Orange County, California) 2020 General Obligation Refunding Bonds (the “2020 Bonds”), are being issued by the District to (i) refund a portion of outstanding Laguna Beach Unified School District (Orange County, California) 2010 General Obligation Refunding Bonds (Election of 2001), as more fully described herein, and (ii) pay the costs of issuing the 2020 Bonds. See “INTRODUCTION—Purpose of Issue” and “THE 2020 BONDS— Refunding Plan” herein. The 2020 Bonds are general obligation bonds of the District payable solely from ad valorem property taxes levied on taxable property within the District. The Board of Supervisors of the County of Orange (the “County”) is empowered and is obligated to levy ad valorem taxes, without limitation as to rate or amount, upon all property within the District subject to taxation by the District (except certain personal property which is taxable at limited rates), for the payment of interest on and principal of the 2020 Bonds when due. See “SECURITY FOR THE 2020 BONDS” and “TAX BASE FOR REPAYMENT OF THE 2020 BONDS—Ad Valorem Property Taxation” herein. The 2020 Bonds will be issued in book-entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee for The Depository Trust Company, New York, New York (collectively referred to herein as “DTC”). Payments of principal of and interest on the 2020 Bonds will be paid by The Bank of New York Mellon Trust Company, N.A., as the paying agent, authenticating agent and transfer agent (the “Paying Agent”), to DTC for subsequent disbursement to DTC Participants (defined herein) who will remit such payments to the beneficial owners of the 2020 Bonds. See “THE 2020 BONDS—Book- Entry Only System” herein. The 2020 Bonds will be dated their date of delivery. Interest on the 2020 Bonds accrues from their dated date and is payable semiannually on February 1 and August 1 of each year, commencing August 1, 2020. The 2020 Bonds are not subject to redemption prior to maturity. THE 2020 BONDS ARE GENERAL OBLIGATION BONDS OF THE DISTRICT PAYABLE SOLELY FROM AMOUNTS IN THE DEBT SERVICE FUND CONSISTING OF AD VALOREM PROPERTY TAXES LEVIED AND COLLECTED BY THE COUNTY OF ORANGE ON TAXABLE PROPERTY WITHIN THE DISTRICT AND DO NOT CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OF THE COUNTY OF ORANGE. NO PART OF ANY FUND OF THE COUNTY OF ORANGE IS PLEDGED OR OBLIGATED TO THE PAYMENT OF THE 2020 BONDS. MATURITY SCHEDULE (See Inside Front Cover) The 2020 Bonds will be offered when, as and if issued and received by the initial Purchaser, subject to the approval of legality by Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, Bond Counsel. Certain matters will be passed on for the District by Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, Disclosure Counsel. The 2020 Bonds, in book-entry form, will be available for delivery through the facilities of The Depository Trust Company in New York, New York on or about July 7, 2020. Dated: June 23, 2020 MATURITY SCHEDULE BASE CUSIP† NO. 507192 $16,330,000 LAGUNA BEACH UNIFIED SCHOOL DISTRICT (ORANGE COUNTY, CALIFORNIA) 2020 GENERAL OBLIGATION REFUNDING BONDS Maturity Principal Interest (August 1) Amount Rate Yield CUSIP† 2020 $ 410,000 2.000% 0.130% GS5 2021 1,885,000 2.000 0.140 GT3 2022 1,985,000 3.000 0.150 GU0 2023 2,110,000 4.000 0.160 GV8 2024 2,250,000 4.000 0.200 GW6 2025 2,410,000 4.000 0.290 GX4 2026 2,570,000 4.000 0.420 GY2 2027 1,305,000 4.000 0.530 GZ9 2028 1,405,000 4.000 0.620 HA3 † CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Capital IQ. Copyright © 2020 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by Standard & Poor’s CUSIP Service Bureau. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service Bureau. CUSIP® numbers are provided for convenience of reference only. Neither the District nor the Purchaser takes any responsibility for the accuracy of such numbers. The CUSIP number for a specific maturity is subject to being changed after the issuance of the 2020 Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the 2020 Bonds. No dealer, broker, salesperson or other person has been authorized by the District or the Purchaser to give any information or to make any representations other than those contained herein. If given or made, such other information or representations must not be relied upon as having been authorized by the District or the Purchaser. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the 2020 Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of the 2020 Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. The information and expression of opinion herein are subject to change without notice and neither delivery of this Official Statement nor any sale of the 2020 Bonds shall, under any circumstances, create any implication that there has been no change in the affairs of the District or any other parties described herein since the date hereof. This Official Statement is being submitted in connection with the sale of the 2020 Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose, unless authorized in writing by the District. All summaries of documents and laws are made subject to the provisions thereof and do not purport to be complete statements of any or all such provisions. Certain statements included or incorporated by reference in this Official Statement constitute “forward- looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as a “plan,” “expect,” “estimate,” “project,” “budget” or similar words. Such forward-looking statements include, but are not limited to certain statements contained in the information under the captions “THE DISTRICT,” and “DISTRICT FINANCIAL MATTERS” herein. The achievement of certain results or other expectations contained in such forward-looking statements involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. While the District has agreed to provide certain on-going financial and operating data on an annual basis, it does not plan to issue any updates or revisions to those forward-looking statements if or when its expectations or events, conditions or circumstances on which statements are based change. See “CONTINUING DISCLOSURE” and Appendix C—“FORM OF CONTINUING DISCLOSURE CERTIFICATE” herein. All information material to the making of an informed investment decision with respect to the 2020 Bonds is contained in this Official Statement. While the District maintains an internet website for various purposes, none of the information on its website is incorporated by reference into this Official Statement. Any such information that is inconsistent with the information set forth in this Official Statement should be disregarded. WITH RESPECT TO THIS OFFERING, THE PURCHASER MAY ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE 2020 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.